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2012 (7) TMI 616 - ITAT DELHIAddition - unexplained cash credits under section 68 of the Income Tax Act - genuineness of the sundry creditors - Commissioner of Income Tax (Appeals) held that in his opinion addition could not have been made u/s. 68 of those amounts which appear as opening balances on 1.4.2006, which were as follows - examination of the earlier year’s accounts show regular business dealings – addition deleted Addition - unexplained cash credits under section 69 of Income Tax Act - assessee has furnished the confirmations – Held that:- Bank accounts have been produced to show that the amount have been received by cheque - considering that the amounts have been confirmed by the parties concerned, the additions deleted. Addition - unexplained cash credits under section 68 of Income Tax Act - assessee has received advances/ payments by cheque during the year - Commissioner of Income Tax (Appeals) held that the payments were received by cheque and the transactions appear to be in nature of regular business dealings – Held that:- Assessee was prevented by sufficient cause from submitting the evidences during the assessment proceedings - no infirmity in the order of the Ld. Commissioner of Income Tax (Appeals) in deleting the addition - appeal filed by the Revenue stands dismissed.
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